The state-run corporation has developed a new type of fuel assembly, TVS-Kvadrat (square), for use in Western-type nuclear reactors.
"We plan to sign an agreement with General Electric to promote our fuel on the U.S. nuclear power plant market," TVEL President Yury Olenin said.
He said the U.S. company would license the Russian nuclear fuel in exchange for receiving TVEL's technology.
"We believe the situation is ripe for a major breakthrough on the U.S. market," Olenin said.
He was also upbeat about prospects for European markets, saying TVEL had received technical documents for fuel licensing from a European company, but did not specify the company's name.
TVS-Kvadrat will undergo pre-reactor testing for three years, which will be followed be another three years of operation tests in a European reactor, which Olenin said had already been selected. The relevant agreement with the European company could be signed in February 2008.
TVEL, which accounts for 17% of the global nuclear fuel market, intends to almost double its share by 2030.
"We plan to attain a 30% share of global nuclear supplies, which in effect means leadership," Olenin said.
He said the company was after efficient production methods and innovations that will bring the company an additional 5.3 billion rubles ($215 million).
TVEL-labeled fuel currently runs 73 commercial and 30 research reactors in 13 countries worldwide.
